Re-imagining Nickel Projects

David Singleton, MD & CEOAustralian Nickel Conference, Perth8th October 2015

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Poseidon’s approach is to acquire, develop & recommence operations at existing successful

nickel projects in Australia

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Approach

Acquire well regarded operations with existing infrastructure

Develop mineral asset base

Restart existing tried & trusted operations

44

Low capital cost through acquisition & restart

No construction or commissioning risk

Low geological and operation risk

Single management team focussed on similar assets in one jurisdiction

3 mines and 2 operations commencing start up in 4 months*

Benefits

* Nickel price dependent

55

3 Sites – 6 Mines – 2 Process Plants

Lake Johnston Nickel Project Black Swan Nickel Project

Windarra Nickel Project Silver Swan Nickel Project

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Projects within 300kms centred around Australia’s Major Nickel Region

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Poseidon Key Facts

• 2nd largest nickel resource in Australia*

• Silver Swan is World’s highest grade mine

• Australia’s 2nd biggest nickel sulphide concentrator capacity (after BHP)

• Only company with short lead time to production and low capex

• Highest leverage to a recovering nickel price

*excludes BHP Ni West

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Implementation Approach (Step 1)

0 6 12 18 24

MONTHS

Silver Swan

9

Implementation Approach (Step 2)

Silver Swan

Lake Johnston• 8,000 tonnes nickel p.a.• Major refurbishment underway but

suspended

ORE

0 6 12 18 24

MONTHS

10

Implementation Approach (Step 3)

Silver SwanLake Johnston

Black Swan open pit

Windarra• Long life project• 9,600 tonnes nickel p.a.• Site for 3rd party ore

Cerberus• Additional ore for Black

Swan from Windarra region

0 6 12 18 24

MONTHS

11Private & Confidential 11

BFS Report Low cost – Low Risk, Restart

• 8,000 tonnes nickel in concentrate p.a.• Reserve life of 30 months initially• US$15m restart capital• C1 cost US$3.43/lb• All operating licences in place• Restart in 4 months

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Maggie Hays

North ShootExpansion

Opportunity

Maggie Hays South Potential for Future

ProductionWestern ZoneOpportunity

Initial resource extension targets

13

SurfaceDecline

Structurally Offset Targets

Fault Movement=into page (westward)

Fault Movement=out of page (eastward)

Emily Ann was a 4% Ore Body truncated by Toolangi Fault

14

The Black Swan Process Plant and open pit resource was bought by Poseidon from Norilsk in July 2014

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Black Swan pit showing smeltable reserves

Ore for smeltable

grade concentrate

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Black Swan resources available for non-traditional uses

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Silver Swan: The highest grade nickel mine in the World

1300

1600

130,000 tonnes nickel at a

resource grade of 8-12%*

*historical production output

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Mine Plan Under Development

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Mineral Resource Statement

Gold Tailings

Resources

JORC

Compliance

Cut Off

Grade

Mineral Resource CategoryIndicated Inferred TOTAL

Tonnes

(Kt)

Grade

(g/t)

Au

(oz)

Tonnes

(Kt)

Grade

(g/t)

Au (oz) Tonnes

(Kt)

Grade

(g/t)

Au

(oz)

WINDARRA GOLD TAILINGS PROJECTGold Tailings 2004 NA 11,000 0.52 183,000 - - - 11,000 0.52 183,000

TOTALTotal Au

Resources 2004 11,000 0.52 183,000 - - - 11,000 0.52 183,000

Table 2: Gold Tailings Project Mineral Resource Statement

Nickel

Sulphide

Resources

JORC

Compliance

Cut Off

Grade

Mineral Resource CategoryIndicated Inferred TOTAL

Tonnes

(Kt)

Ni%

Grade

Ni Metal t Tonnes

(Kt)

Ni%

Grade

Ni Metal t Tonnes

(Kt)

Ni%

Grade

Ni Metal

t

WINDARRA PROJECTMt Windarra 2012 0.90% 922 1.56 14,000 3,436 1.66 57,500 4,358 1.64 71,500

South

Windarra2004 0.80% 772 0.98 8,000 - - - 772 0.98 8,000

Cerberus 2004 0.75% 2,773 1.25 35,000 1,778 1.91 34,000 4,551 1.51 69,000

BLACK SWAN PROJECTBlack Swan 2012 0.40% 9,600 0.68 65,000 21,100 0.54 114,000 30,700 0.58 179,000

LAKE JOHNSTON PROJECTMaggie Hays 2012 0.80% 2,600 1.60 41,900 900 1.17 10,100 3,500 1.49 52,000

TOTALTotal Ni

Resources2004 & 2012 16,667 0.98 163,900 27,214 0.79 215,600 43,881 0.86 379,500

Table 1: Nickel Projects Mineral Resource Statement

Note: totals may not sum exactly due to rounding

Note: totals may not sum exactly due to rounding

2020

Mineral Resource Statement

Nickel Sulphide

ReservesJORC

Compliance

Ore Reserve CategoryProbable

Tonnes (Mt) Ni% Grade Ni Metal (Kt)

LAKE JOHNSTON PROJECTMaggie Hays 2012 1.9 1.19 22.6

BLACK SWAN PROJECTBlack Swan 2012 3.4 0.63 21.5

WINDARRA PROJECTMt Windarra 2012 0.6 1.70 9.6

Cerberus 2004 1.2 1.30 16.0Windarra Sub Total 1.8 1.42 25.6

TOTALTotal Ni Reserves 2004 & 2012 7.1 0.98 69.7

Note: totals may not sum exactly due to rounding. Calculations have been rounded to the nearest 100,000 t of ore, 0.01 % Ni grade and 100 t Ni metal.

Table 3: Nickel Project Ore Reserve Statement

NotesThe information in this report which relates to the Lake Johnston Mineral Resource is based on information compiled by Neil Hutchison, General Manager of Geology at Poseidon Nickel, who is a Member of The Australian Institute of Geoscientists and Andrew Weeks who is a full-time employee of Golder Associates Pty Ltd and is a Member of the Australasian Institute of Mining and Metallurgy. The information in this report which relates to the Lake Johnston Ore Reserves Project is based on information compiled by Matt Keenan who is a full time employee of Entech Pty Ltd and is a Member of the Australasian Institute of Mining and Metallurgy.The information in this report which relates to the Silver Swan Mineral Resource is based on information compiled by Neil Hutchison, General Manager of Geology at Poseidon Nickel, who is a Member of The Australian Institute of Geoscientists. The information in this report which relates to the Black Swan Mineral Resource and Ore Reserves is based on information compiled by Andrew Weeks who is a full-time employee of Golder Associates Pty Ltd.as well as Francois Bazin of IMC Mining Pty Ltd. Both are Members of the Australasian Institute of Mining and Metallurgy. The information in this report that relates to Mineral Resources at the Windarra Nickel Project is based on information compiled by Neil Hutchison, General Manager of Geology at Poseidon Nickel, who is a Member of The Australian Institute of Geoscientists and Ian Glacken who is a full time employee of Optiro Pty Ltd and is a Fellow of the Australasian Institute of Mining and Metallurgy.The information in this report that relates to Ore Reserve at the Windarra Nickel Project is based on information compiled Leanne Cureton and Andrew Law who are both full time employees of Optiro Pty Ltd and are a Member and a Fellow of the Australasian Institute of Mining and Metallurgy respectively.Mr Hutchison, Mr Glacken, Mr Keenan, Mr Weeks, Mr Bazin, Mr Law & Ms Cureton all have sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (the JORC Code 2012). Mr Hutchison, Mr Glacken, Mr Keenan, Mr Weeks, Mr Bazin, Mr Law & Ms Cureton have consented to the inclusion in the report of the matters based on his information in the form and context in which it appears.This document contains Mineral Resources and Ore Reserves which are reported under JORC 2004 Guidelines as there has been no Material Change or Re-estimation of the Mineral Resource or Ore Reserves since the introduction of the JORC 2012 Codes. Future estimations will be completed to JORC 2012 Guidelines.

The Australian Securities Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

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Disclaimer

This presentation has been prepared for the purpose of providing general information about Poseidon Nickel Limited ("Poseidon"). Itshould not be considered as an offer or invitation to subscribe for or purchase any securities in Poseidon or as an inducement tomake an offer or invitation with respect to those securities. It is not recommended that any person makes an investment decision inrelation to Poseidon in reliance on this presentation material.

This presentation contains forecasts and forward looking statements. Such statements are predictions only based on available datawhich maybe unreliable and is subject to inherent risks and uncertainties which could cause actual values, results, performances orachievements to differ materially from those expressed, implied or projected in this presentation.

This overview does not purport to be all-inclusive or to contain all information which its recipients may require in order to make aninformed assessment of the projects prospects. Each of Poseidon, its officers, employees and advisers expressly disclaims anyresponsibility for the accuracy or completeness of the material contained in this presentation and excludes all liability for any loss ordamage which may be suffered by any person as a consequence of any information in this presentation or any error or omission therefrom. Poseidon accepts no responsibility to update any person regarding any inaccuracy, omission or change in information in thispresentation.

Re-imagining Nickel Projects��David Singleton, MD & CEO��Australian Nickel Conference, Perth�8th October 2015�Slide Number 2ApproachBenefits3 Sites – 6 Mines – 2 Process PlantsProjects within 300kms centred around Australia’s Major Nickel RegionPoseidon Key FactsImplementation Approach (Step 1)Implementation Approach (Step 2)Implementation Approach (Step 3)BFS Report Low cost – Low Risk, RestartSlide Number 12Slide Number 13The Black Swan Process Plant and open pit resource was bought by Poseidon from Norilsk in July 2014Black Swan pit showing smeltable reservesBlack Swan resources available for non-traditional usesSilver Swan: The highest grade nickel mine in the WorldMine Plan Under DevelopmentMineral Resource StatementMineral Resource StatementDisclaimerSlide Number 22